Why did Ardent Leisure (ALG) shares rally today
ALG +6.18%: the theme park and entertainment company has offloaded its US Main Event business today to US listed Dave & Buster’s. The $US 835m deal, expected to complete later this year, will see 5,150 laser tag, bowling and entertainment sites change hands. Ardent brought in RedBird in the height of lockdowns in 2020, who took a 24.2% stake for $US80m to help support the business through the disruption, with that stake more than doubling in value on the sale. After taxes and paying down debt, Ardent is expected to return 90c per share in the way of a special dividend, with additional proceeds going towards growing Ardent’s Australian theme park business including further development on unused land on the Gold Coast.
